ESR Group Appoints Roy Teo as Head of Southeast Asia, Effective January 2027

SINGAPORE, 2 November 2026 – ESR Group has appointed Roy Teo as Head of Southeast Asia, effective January 2027, to lead the group's business and operations across the region, the firm announced.

Teo will be based in Singapore and will be responsible for ESR's Southeast Asia strategy and performance. He will oversee development, asset management and property management. As a member of ESR's Executive Leadership team, he will help advance strategic initiatives, enhance portfolio value and drive operational excellence across the business, according to the announcement.

Roy Teo's Role at ESR Group in Singapore and Southeast Asia

Singapore will be a key priority for Teo, reflecting the city-state's importance to ESR's long-term strategy, the firm said. He will work alongside the leadership of ESR-REIT, ESR's Singapore-listed flagship regional vehicle. The role builds on the group's established presence and capabilities in Singapore while providing leadership across its broader Southeast Asia business.

ESR describes itself as an Asia-Pacific real-asset owner and manager focused on logistics real estate and data centers that support supply chains and the digital economy.

Background: From SB Asset & Investment Management to ESR

Teo brings more than 25 years of experience across real estate investment management, capital management and portfolio operations. He joins ESR from SB Asset & Investment Management, where he served as chief executive officer.

Previously, he was chief executive officer of SB REIT Management, where he led Soilbuild Business Space REIT through its growth, regional expansion and privatization. He also held senior investment and logistics portfolio roles at Ascendas Fund Management.

Singapore Logistics Market Context

The appointment comes as Singapore's logistics market remains relatively tight. Prime-logistics vacancy was approximately 4.9% in the third quarter of 2026, while warehouse vacancy was 5.5%, according to Cushman & Wakefield. Prime-logistics and warehouse rents rose 0.2% and 0.4% quarter over quarter, respectively.

The near-term supply pipeline is limited. No new prime-logistics projects were completed in 2026. About 460,000 square feet is expected in 2027, with roughly 70% of the Sunview Logistics and Container Hub space estimated to be pre-committed. A further 633,133 square feet is projected for 2028. Most of the prime-logistics space completed in 2025 was already leased, and third-party logistics providers remain an important source of demand as occupiers favor newer assets that improve operating efficiency.

The broader industrial market is less uniform. Overall industrial vacancy rose 0.2 percentage points to 11.1% in the third quarter of 2026 as net supply exceeded net demand, and older facilities face redevelopment pressure. JLL reported average logistics and warehouse rents of S$1.72 per square foot per month in the second quarter of 2026, unchanged from the prior quarter and up 0.6% year over year. Year-to-date net absorption was approximately 500,000 square feet against 900,000 square feet of completions, and geopolitical uncertainty and cost pressures could limit rental growth.

ESR-REIT Performance and Outlook

ESR-REIT reported first-half 2026 core distribution per unit growth of 4.5%, with core DPU representing 98% of total DPU. Total DPU increased 2.4%.

Teo's mandate spans development, asset management and property management, covering both new projects and the operation of existing portfolios. His effective date of January 2027 places him in the role as Singapore's prime-logistics supply remains limited and older industrial stock faces redevelopment pressure.

Sources

• ESR Group, "ESR Appoints Roy Teo as Head of Southeast Asia," 2 November 2026